SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., July 28, 2016 /PRNewswire/ -- United Therapeutics Corporation (NASDAQ: UTHR) today announced its financial results for the second quarter ended June 30, 2016.
“We are pleased with our second quarter 2016 financial results as total revenues exceeded $400 million and earnings beat $200 million,” said Martine Rothblatt, Ph.D., United Therapeutics’ Chairman and Chief Executive Officer. “These financial results strengthen our ability to advance our late-stage pipeline programs in cardiopulmonary disease and oncology, as well as early-stage programs in multiple indications.”
Key financial highlights include (dollars in millions, except per share data):
Three Months Ended | Percentage | ||||||||
2016 | 2015 | Change | |||||||
Revenues | $ | 412.6 | $ | 347.2 | 18.8 | % | |||
Net income | $ | 206.1 | $ | 99.2 | 107.8 | % | |||
Non-GAAP earnings(1) | $ | 213.3 | $ | 132.8 | 60.6 | % | |||
Net income, per diluted share | $ | 4.39 | $ | 1.91 | 129.8 | % | |||
Non-GAAP earnings, per diluted share(1) | $ | 4.55 | $ | 2.56 | 77.7 | % | |||
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(1) | See definition of non-GAAP earnings, a non-GAAP financial measure, and a reconciliation of net income to non-GAAP earnings below. |
Financial Results for the Three Months Ended June 30, 2016
Revenues
The table below summarizes the components of total revenues (dollars in millions):
Three Months Ended | Percentage | ||||||||
2016 | 2015 | Change | |||||||
Net product sales: | |||||||||
Remodulin® | $ | 158.9 | $ | 135.9 | 16.9 | % | |||
Tyvaso® | 107.0 | 115.8 | (7.6) | % | |||||
Adcirca® | 90.9 | 68.2 | 33.3 | % | |||||
Orenitram® | 38.0 | 25.9 | 46.7 | % | |||||
Unituxin® | 17.8 | NM | (1) | ||||||
Other | 1.4 | (100.0) | % | ||||||
Total revenues | $ | 412.6 | $ | 347.2 | 18.8 | % | |||
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(1) | Calculation is not meaningful. |
Revenues for the three months ended June 30, 2016 increased by $65.4 million, compared to the same period in 2015. The growth in revenues primarily resulted from the following: (1) a $23.0 million increase in Remodulin net product sales; (2) a $22.7 million increase in Adcirca net product sales; (3) a $17.8 million increase in Unituxin net product sales; and (4) a $12.1 million increase in Orenitram net product sales. These increases were partially offset by an $8.8 million decrease in Tyvaso net product sales.
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